Once you have determined that filing a Chapter 7 Bankruptcy is the correct form of debt relief for you and your family. The next question is when is the right time to file. Our Vegas Chapter 7 Bankruptcy Attorneys access your situation through a free debt evaluation to ensure that your assets are being protected when filing for Chapter 7 Bankruptcy in Las Vegas, Nevada.
Chapter 7 Bankruptcy Exemptions
In a Nevada Chapter 7 Bankruptcy, exemptions determine what property you get to keep, whether it be your vehicle, home, pension, personal belongings, or other property. Bankruptcy exemptions determine what you are able to keep. Conversely, if the property is nonexempt, the trustee is entitled to sell it to pay your unsecured creditors.
Chapter 7 bankruptcy offers exemptions in which you can protect your property. If you “exempt” an asset, it makes it so you can keep it. The exempted item is protected from being sold to repay your creditors. Exemption is just one of the ways that a Vegas Chapter 7 Bankruptcy protects your assets. Many exemptions protect a specific type of property. In some exemptions you can protect all of an asset, then, in some exemptions you can protectjust a portion of your asset.
Nevada Wild Card Exemption
Nevada is one of the states that offers a “Wildcard” exemption. The Nevada Wild Card Exemption can be applied to any property that otherwise would not be exempt in a bankruptcy. The wild card exemption in a Nevada bankruptcy is $10,000. Also, it is $20,000 if you are filing bankruptcy along with your spouse. For additional information regarding bankruptcy exemptions or protecting assets in a Nevada Chapter 7 bankruptcy, please contact our Vegas Zero Down Bankruptcy Attorneys at (702) 842-0700. Our Nevada Debt relief Team offer free consultations. We have helped thousands of people in Las Vegas Metro and throughout Nevada file for Chapter 7 bankruptcy protection.